Mixed reaction at the CII

“The Budget is well-balanced and comprehensively addresses all aspects that industry was looking for, including revitalising the rural economy, infrastructure build-up, relief for stressed assets, and simplification of taxes​,” said the head of the Confederation of Indian Industry.​

Policies on agriculture and the rural economy were particularly noteworthy, Sumit Mazumder (pictured) said, given that two successive drought years had subdued rural demand. 

“The introduction of FDI into the marketing of food products will also increase investments in farming​,” he added. 

However, his members appeared less supportive of the overall Budget than he did. According to Business Standard​, only three out of the 40 major industrialists assembled for a Budget viewing in Delhi organised by the CII applauded the finance minister’s presentation.

“This incident explains the mood of the industry which was expecting much more from the finance minister, but ended up gritting its teeth and leaving with a sigh​,” the paper wrote in an editorial.

However, Mazumder stuck to his guns at a Q&A session afterwards. “I would say this is a progressive budget with growth in mind for the country. It is good for the country​,” he told one reporter.